Wednesday, October 6, 2010

Maybe it's time for the adults to take the credit cards away from the adolescents.

From Bloomberg:

An agreement to end California’s longest-ever budget impasse seeks to fill a $19.1 billion deficit by using higher revenue projections and more money from the federal government than what has been promised.

The budget counts on California getting $5.3 billion in federal funds for welfare, education and prison costs instead of the $3.4 billion Governor Arnold Schwarzenegger estimated in May. The plan narrows the deficit by $1.4 billion by using tax- revenue forecasts from the state’s Legislative Analyst’s Office instead of those used by Schwarzenegger in May, according to a copy posted on the Senate website....MORE